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. Last Updated: 07/27/2016

VEB Loans Alfa $917M

State bank VEB approved a 29.2 billion ruble ($917 million) subordinated loan to Alfa Bank, the country’s biggest privately owned lender said Tuesday.

The loan facility bears an interest rate of 9.5 percent and matures in 2020.

The government has obliged VEB to provide subordinated loans to banks to kick-start lending to companies and restore industrial growth. Alfa is struggling with losses as bad loans rise, putting pressure on its capital.

(Reuters)